Standards and Codes - Implementing the Fund's Medium-Term Strategy and the Recommendations of the 2005 Review of the Initiative

Policy Papers ◽  
2006 ◽  
Vol 2006 (36) ◽  
Author(s):  
Keyword(s):  
World Bank ◽  
Technical Assistance ◽  
Financial Sector ◽  
Executive Directors ◽  
Medium Term ◽  
Assessment Program ◽  
Use Of Resources

This paper informs Executive Directors of the operational changes that are being made to the Fund’s work on Standards and Codes, to implement the Fund’s Medium-Term Strategy (MTS) and the recommendations of the 2005 IMF-World Bank review of the Standards and Codes Initiative. The changes aim at improving (i) the country coverage and prioritization of Reports on the Observance of Standards and Codes (ROSCs) to make more efficient use of resources, (ii) the integration of ROSCs with Fund surveillance and technical assistance, for a better use of ROSC findings and greater support of reform efforts, and (iii) the clarity and timeliness of ROSCs. The paper focuses on the actions that are being taken and does not elaborate on the rationales for the corresponding recommendations, which were discussed by Directors in the context of the MTS and 2005 Review. The actions being taken are summarized in Table 1. Many of the actions do not apply to ROSCs carried out under the aegis of the Financial Sector Assessment Program (FSAP), which are typically subject to a separate set of procedures under the FSAP, or to financial sector ROSCs of Offshore Financial Centers, which are conducted separately. According to the proposals in the MTS, the next review of the Standards and Codes Initiative would take place in 2010.

Offshore Financial Centers - The Assessment Program - A Progress Report

Policy Papers ◽  
2006 ◽  
Vol 2006 (58) ◽  
Author(s):  
Keyword(s):  
Financial System ◽  
Financial Sector ◽  
Progress Report ◽  
Second Phase ◽  
Executive Directors ◽  
Assessment Program ◽  
International Financial System ◽  
Standard Component ◽  
Financial Center ◽  
Sector Work

This paper updates Executive Directors on the progress since February 2005 in implementing the second phase of the offshore financial center (OFC) program as agreed in November 2003 (see PIN No. 03/138 at http://www.imf.org). At that time, Directors recognized that OFCs could pose prudential and financial integrity risks to the international financial system. In this context, Directors agreed that the monitoring of OFCs' activities and their compliance with supervisory and integrity standards should become a standard component of the financial sector work of the Fund. They also requested periodic updates on the progress with implementation of the program. Earlier updates were provided in March 2004 (Offshore Financial Centers—The Assessment Program—An Update) and February 2005 (Offshore Financial Centers—The Assessment Program—A Progress Report). With the completion of the first round of assessments, staff have begun implementing the second phase of the program.

Mandatory Financial Stability Assessments Under the Financial Sector Assessment Program - Update

Policy Papers ◽  
2013 ◽  
Vol 2013 (94) ◽  
Author(s):  
Keyword(s):  
World Bank ◽  
Financial Stability ◽  
Emerging Market ◽  
Low Frequency ◽  
Financial Sector ◽  
Executive Board ◽  
Assessment Program ◽  
The World Bank ◽  
The World ◽  
The Stability

In September 2010, the Executive Board made financial stability assessments under the Financial Sector Assessment program (FSAP) a regular and mandatory part of bilateral surveillance under Article IV for jurisdictions with systemically important financial sectors. This decision recognized that although financial sector issues were at the core of the Fund’s surveillance mandate, the FSAP as designed in the late 1990s had severe limitations as a tool. Voluntary participation, the low frequency of assessments, and their very broad coverage (particularly in emerging market and developing countries, where assessments are typically conducted jointly with the World Bank) limited the usefulness of the FSAP for surveillance. Building on the revamp of the FSAP during the 2009 program review that delineated the institutional responsibilities of the Fund and the World Bank and defined the content of the stability assessment under the FSAP, the Executive Board took the next step in 2010 to make these stability assessments mandatory every five years for members with systemically important financial sectors

scholarly journals Norway

2020 ◽  
Vol 20 (259) ◽  
Author(s):  
Keyword(s):  
Risk Analysis ◽  
Housing Market ◽  
Financial Sector ◽  
Capital Requirements ◽  
Regulatory Capital ◽  
Policy Changes ◽  
Medium Term ◽  
Assessment Program ◽  
Institutional Frameworks ◽  
Bank Solvency

Much of the work of the Financial Sector Assessment Program (FSAP) was conducted prior to the COVID-19 pandemic, with the missions ending on February 13, 2020. Given the FSAP’s focus on medium-term challenges and vulnerabilities, however, its findings and recommendations for strengthening policy and institutional frameworks remain pertinent. The report was updated to reflect key developments and policy changes since the mission work was completed. It also includes a risk analysis that quantifies the possible impact of the COVID-19 crisis on bank solvency. Since the previous FSAP in 2015, the Norwegian authorities have taken welcome steps to strengthen the financial system. Regulatory capital requirements for banks were raised and actions were taken to bolster the weak capital position of insurers. Alongside other macroprudential measures, temporary borrower-based measures for residential mortgages were introduced, which seem to have had some moderating impact on segments of the housing market. The resolution framework was also strengthened, with the implementation of the Bank Recovery and Resolution Directive (BRRD) and the designation of Finanstilsynet (FSA) as the resolution authority.

Review of the Financial Sector Assessment Program—Further Adaptation to the Post-Crisis Era

Policy Papers ◽  
2014 ◽  
Vol 2014 (66) ◽  
Author(s):  
Keyword(s):  
World Bank ◽  
Financial Stability ◽  
Emerging Market ◽  
Financial Sector ◽  
System Stability ◽  
Stability Assessment ◽  
Assessment Program ◽  
The World Bank ◽  
Emerging Market Countries ◽  
The World

The Financial Sector Assessment Program (FSAP), established in 1999, is an in-depth assessment of a country’s financial sector. It is an important element of the Fund’s surveillance and provides input to the Article IV consultations. In developing and emerging market countries, FSAP assessments are usually conducted jointly with the World Bank and include two components: a financial stability assessment (the main responsibility of the Fund) and a financial development assessment (the main responsibility of the World Bank). Each FSAP concludes with the preparation of a Financial System Stability Assessment (FSSA), which focuses on issues of relevance to IMF surveillance and is discussed by the IMF Executive Board normally together with the country’s Article IV staff report. Since the program’s inception, 144 member countries have requested and undergone FSAPs, most of them more than once. In recent years, the Fund has been conducting 14–16 FSAPs per year at an annual cost of US$13–15 million. The last review of the FSAP in 2009, in the aftermath of the global financial crisis, introduced a number of far-reaching reforms that have clarified the responsibilities of the Fund and the Bank in developing and emerging market countries, where assessments usually take place jointly, established institutional accountability, strengthened the analytical focus and coverage of FSAPs, and introduced the option of modular assessments that has afforded the Fund and national authorities greater flexibility on the scope and timing of assessments. In 2010, the financial stability assessment under the FSAP in 25 jurisdictions with financial sectors deemed by the Fund to be systemically important became a mandatory part of Article IV surveillance, expected to take place every five years. The list was expanded to 29 jurisdictions in 2013. For all other jurisdictions, FSAP participation continues to be voluntary.In 2010, the financial stability assessment under the FSAP in 25 jurisdictions with financial sectors deemed by the Fund to be systemically important became a mandatory part of Article IV surveillance, expected to take place every five years. The list was expanded to 29 jurisdictions in 2013. For all other jurisdictions, FSAP participation continues to be voluntary.

Guidance Note for Staff on Undertaking Targeted (Risk-Based) Reports on the Observance of Standards and Codes (ROSCs) in Financial Regulation and Supervision

Policy Papers ◽  
2010 ◽  
Vol 2010 (47) ◽  
Author(s):  
Keyword(s):  
World Bank ◽  
International Monetary Fund ◽  
Financial Regulation ◽  
Financial Sector ◽  
Assessment Program ◽  
Guidance Note ◽  
The World Bank ◽  
Regulation And Supervision ◽  
The World ◽  
The International Monetary Fund

In September 2009, the International Monetary Fund (IMF) and the World Bank (WB) Boards approved changes to the Financial Sector Assessment Program (FSAP) to (i) make it more flexible and better-aligned with country needs as well as IMF and WB financial sector priorities and core responsibilities; (ii) enhance the quality, candor, and comparability of assessments; and (iii) better-integrate FSAP analysis into the institutions’ evolving mandates.

scholarly journals Thailand

2019 ◽  
Vol 19 (309) ◽  
Author(s):  
Keyword(s):  
Financial Stability ◽  
Banking Sector ◽  
Financial Sector ◽  
Policy Framework ◽  
Medium Term ◽  
External Imbalances ◽  
Assessment Program ◽  
Fiscal Management

Thailand’s robust policy framework and ample buffers continue to underpin its resilience to external headwinds. The authorities have taken measures to strengthen medium-term fiscal management and financial stability. The recent Financial Sector Assessment Program (FSAP) concluded that financial vulnerabilities appear to be contained and that the banking sector is resilient to severe shocks. At the same time, long-standing domestic and external imbalances persist, leaving the economy vulnerable to the global slowdown and trade tensions.

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